Nigeria can’t build a $1tn economy on outdated data - Abbas

Nigeria's ambition to build a $1 trillion economy is unattainable without a contemporary and credible statistical system, Speaker of the House of Representatives Tajudeen Abbas declared. His statement comes as consultations begin on a bill designed to comprehensively overhaul the nation's statistics framework.

The proposed legislation, titled "A Bill for an Act to Repeal the Statistics Act No. 9, 2007 and Enact the Statistics Bill, 2025," aims to replace the outdated 2007 Act. The new legal framework seeks to bolster the National Bureau of Statistics (NBS), enhance data governance, ensure sustainable funding, and modernize Nigeria's statistical architecture to meet the demands of the digital age.

Abbas, represented at a public hearing by House Leader Prof. Julius Ihonvbere, described the 2007 law as a relic of a past era. He argued that rapid technological advancements and the increasing reliance on data for governance have rendered the existing framework inadequate. "To plan without accurate data is to build a house on quicksand," Abbas stated, emphasizing that every policy, budget, and investment must be guided by precise, timely, and unimpeachable data to reach the $1tn economic goal.

The bill addresses critical needs such as strengthening coordination among government data-producing agencies, improving data quality assurance, promoting digital data collection and dissemination, and establishing a reliable funding structure for the NBS. Abbas highlighted that in the nearly two decades since the current law was enacted, technologies like artificial intelligence, big data analytics, and cloud computing have become integral to decision-making for governments, businesses, and development institutions worldwide. He also stressed the importance of eliminating duplication in data collection to save resources and boost confidence in official statistics.

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To plan without accurate data is to build a house on quicksand. For Nigeria to achieve its goal of becoming a $1tn economy, every policy decision, budget allocation, and infrastructural investment must be guided by data that is accurate, timely, and beyond reproach.